ECON 112 Chapter Reading

Which of the following are examples of descriptive statistics? Select all that apply.

Creating a pie chart to show majors of students in your business statistics class. Calculating summary measures of the prices of houses sold in Las Vegas in January.

True or false: The primary purpose of statistics is to present numerical data.

False

Which of the following examples are statistics? Select all that apply.

Yesterday's share price for Proctor and Gamble stocks. The median price of a house in Detroit. The number of home runs in last year's World Series.

The two categories of statistical study are:

descriptive statistics and inferential statistics

How has technology increased the need for statistical analysis?

vast amounts of data are collected and understanding it requires stat

Which of the following is the best definition of a statistical population?

The entire set of individuals, objects or measurements of interest.

Which of the following are reasons to study statistics? Select all that apply.

Statistics are used to make personal and professional decisions Statistical knowledge is needed to understand the world and be conversant in your career. Data is collected everywhere, and statistics is needed to translate that data into useful information.

Which of the following are examples of how organizations use statistics?

Retailers use product purchase data to manage the distribution of products and make marketing and sales decisions. Google uses search engine data records to prioritize results for future searches.

Which of the following represent statistical information? Select all that apply.

Lucky's Market sells a maximum of 240 kilograms of apples per month. On average there are 12.5 chocolate chips in a Chips Hello cookie. The median income in Wasau County is $40,578 per year.

How does statistics help us understand large amounts of numerical information?

A good working knowledge of statistics is useful to organize and summarize information.